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Sep 24Julen Lopetegui will lead Wolves into next season, the club have confirmed.
After arriving at Molineux in November and guiding the team to safety following the sacking of Bruno Lage, there was speculation that the Spaniard would leave at the end of the campaign after publicly expressing concerns about the West Midlands side's financial situation.
Lopetegui had admitted that it would be "difficult to compete" in the Premier League without an injection of spending as the 56-year-old referenced Financial Fair Play "problems".
Speaking to Wolves' official website, sporting director Matt Hobbs said: "There's been a lot of chat about the club on the back of Julen's press conferences before the season finished. What's important is we've been in constant contact throughout.
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"I was never in any doubt that he would remain at Wolves, but we have to acknowledge the project is different to what he thought it was.
"We had to allow him time to understand it and get his head around how to build a squad to be competitive in the Premier League.
"He's committed, he loves the area and the club. You can see the affinity he has built with the fans, and I never saw a situation where he wouldn't be our manager.
"We've been working on our strategy for the summer, and while it may be slightly different to what we thought it would be six months ago, that's football and we have to react to it.
"I could never question his and his team's commitment. If you look at their work ethic day in, day out, their attention to detail across all departments, the time they spend here, their families coming over, anyone questioning their dedication is completely wrong.
"What is fair is that his understanding of the project was different to what it is now, so you have to allow time for that to settle, especially with a manager at his level.
Hobbs continued: "I've spoken to a lot of sporting directors at clubs and it's going to be a slow start to the window for clubs at our level.
"We're not the only club working within FFP limitations, and there will be a lot in the Premier League looking at this summer's transfer window in a different way.
"Generally, the likelihood is that players will leave before we can bring new faces in.
"The reality is the season has only recently finished, players are away on international duty, and deals will start to happen after clubs start to return for pre-season.
"When it's such a long race, the summer window, it's a lot of posturing. Waiting for your moment, and with every player you want to sign, there'll always be a moment.
"It won't be like the winter, where we go for six and get all six, because the summer is different: more clubs are spending money."
